When we talk about startups, we think of people diving into unchartered waters and passionately working toward the next big thing. All it takes is just one idea to become the next unicorn.
But just having the idea is not enough. The ability to think outside the box and reinvent is crucial for the future of startups, or any enterprise for that matter. And trust me, it’s not a cakewalk.
With such a high productivity demand, the mantra for a successful IT startup calls for innovation, comprehensive product development, utilization of cutting-edge technology, and digital transformation evangelism. It doesn’t matter if the company is in the manufacturing, logistics, automotive, retail, healthcare or IT industry, digital transformation must be omnipresent to help potential clients.
Startups face a challenging road ahead
A recently conducted study by Statistic Brain indicates the percentage of startups across various verticals still in operation after four years is the lowest for those in the IT industry. It also pointed out that U.S. startup business failure rates after five years since inception was over 50% and 70% after 10 years. 1